CAMBRIDGE, MA—Kate Haviland, the Chief Executive Officer of Blueprint Medicines Corp (NASDAQ:BPMC), a $6.1 billion market cap biotechnology company, recently executed a series of stock sales totaling $227,304. These transactions, completed on November 29, 2024, involved the sale of 2,353 shares of common stock. According to InvestingPro analysis, the company's stock is currently trading near its Fair Value.
The shares were sold at prices ranging from $95.40 to $97.76 per share, as indicated by the recent SEC Form 4 filing. Following these transactions, Haviland holds 150,824 shares of Blueprint Medicines.
These sales were conducted under a pre-arranged trading plan adopted on August 30, 2024, in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934.
In other recent news, Blueprint Medicines has seen a significant increase in its revenue, primarily driven by robust sales of its therapeutic product, Ayvakit, used for treating systemic mastocytosis. The product generated $128.2 million in net product revenue, marking a 137% year-over-year increase. Consequently, Blueprint Medicines has revised its revenue expectations for the year to between $475 million and $480 million.
Analysts from JPMorgan and Needham have shed light on Blueprint Medicines' recent developments. JPMorgan initiated coverage on Blueprint Medicines with an Overweight rating and set a price target of $126.00, while Needham maintained a Buy rating and increased the price target to $135. Both firms highlighted the potential of Ayvakit, expecting it to reach $2 billion in peak sales.
Blueprint Medicines is also preparing to release data from the BLU808 Single Ascending Dose/Multiple Ascending Dose study next year. This data could facilitate the company's entry into a broader range of mast cell-mediated diseases. Additionally, the company anticipates the initiation of the registration-enabling study for Elenestinib by the end of 2024, a crucial step toward the potential approval and commercialization of Elenestinib.
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